All I know is this is a new downward movement we have here. It has been stable for the last couple of weeks around $5.00 but now the selling pressure is very high. Nothing really new here, this has been the same with bitcoin since the drop from $30.
The first bidwall which was at 14,000 bitcoins has been chewed down to 10,000 bitcoins. People are selling into this bidwall.
Interesting stuff is going on. If it was not for this huge bidwall, we would be pushing into the 3's and lower.
I think bitcoin is finally going under, we should have selling pressure into the $2.00 and $3.00 range. Personally, for the last months I thought around $2.00 would be a good buy, but now that we are this low, I do not even think I would buy any considerable amount of bitcoins at that price.
The person or persons involved with this huge bidwall are crazy. Why would they put up such a large bidwall? how will they sell all the coins they will buy. Like i have said a million times, this person has probably lost thousands of dollars trying to keep the price from dropping. What an idiot. He should learn the economic term "sunk cost"